IFG said a retention award of £1.5m ($2.12, €1.72m) will be provided in each of the 2018 and 2019 financial years aimed senior staff and employees of Saunderson House.
The UK advisory firm was put up for sale at the start of February after it received “several” unsolicited approaches but the board has said the offers were “not wholly aligned” with the business’ strategy.
In a statement explaining the U-turn, IFG said subsequent offers “reaffirmed the strength of the business, its leading market position and its attractive long-term growth prospects”.
“However, having reviewed the offers in detail, including with the board of Saunderson House, the [IFG] board has concluded that the offers were not wholly aligned with the strategy of Saunderson House and would present significant execution risks that would likely create lower shareholder value than from retaining the business.”
As a result, the IFG board concluded it is not in the best interests of shareholders of IFG to proceed with the sale process.
Following the decision, IFG said it was putting in place “short and long-term retention arrangements”.
